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, greece has been very adept at increasing their debt ceiling. now, they have 25% unemployment. 50% youth unemployment. there are people who can't even finds jobs in cities who are having to move out, according to press reports, to rural areas. that could be our future. as tom said, if you gave the president every job-forming tax increase that he's asked for, it's about 3% of the spending. and the president himself has said that the drivers of our debt are medicare, medicaid and health care. nothing else comes close. >> senator stabenow pointed out -- >> you can't get it done, george. you have to deal with the structural reforms to our entitlement spending, protecting current seniors but helping to insure my 10-year-old daughter and 9-year-old son that these programs are around for them. >> but senator coburn, in president obama's health care act, $116 billion in medicare savings, which a lot of republicans, not you, but a lot of republicans in the last campaign, including mitt romney, ran against. >> well, george, first of all, the $700 billion
, greece has been very adept at increasing their debt ceiling. now, they have 25% unemployment. 50% youth unemployment. there are people who can't even finds jobs in cities who are having to move out, according to press reports, to rural areas. that could be our future. as tom said, if you gave the president every job-forming tax increase that he's asked for, it's about 3% of the spending. and the president himself has said that the drivers of our debt are medicare, medicaid and health care....
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Dec 12, 2012
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what makes us greece? it's not because the tax code is at 35% versus 39.6. what's going to make this country greece, like every other western nation, retiring at 10,000 a day in terms of baby boomer, three workers for every retiree, in 20 years we'll have two. medicare and social security are about $30 trillion underfunded. if you did what tip o'neill and ronald reagan chose to do, reform entitlements, we become the most dominant place on the planet pretty quickly. so what i would plead with the president to do is use this mandate. redo revenue, which we should. but what keeps us from becoming the country we want to be and damns the future generations is entitlement and spending. when i was 21, my mom died, when i was 22 my dad died. if it wasn't for social security survivor benefits, my sister would have never gone to college. social security is going to fail. when i was 22 we needed the 300 and something bucks we got a month. i'm 57, i have no kids, i could easily give up $400 in retirement from social security to help people who can't. >> as a reality for
what makes us greece? it's not because the tax code is at 35% versus 39.6. what's going to make this country greece, like every other western nation, retiring at 10,000 a day in terms of baby boomer, three workers for every retiree, in 20 years we'll have two. medicare and social security are about $30 trillion underfunded. if you did what tip o'neill and ronald reagan chose to do, reform entitlements, we become the most dominant place on the planet pretty quickly. so what i would plead with...
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Dec 1, 2012
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things start to change and in fact, the underlying real problem, the growing deficit on the path to greece, the goal gets worse once we kick the can away. that will be the overriding probleming not the slowing economy not people spending money, but sure, that might not happen in the first two months, but it will eventually happen if we keep kicking down the can. we want to prove to the world that we have a solution and if it takes a few months to get there and higher taxes for a while, big deal, we will get there. that's got to be the plan not just the same nonsense. >> yeah, but larry, that's part of your point, but jonas says we're not in a bad recession, we're certainly not in a good recovery. and if we just keep falling little bit by little bit, maybe as much as jump off the cliff, but it's certainly a slippery slope. >> brenda, the damage is already being done. we saw it in november retail sales and companies delaying activity already and we know the ratings agencies are minutes away, we're right to fix the problem in the long run than making a bandaid short-term deal. it doesn't get
things start to change and in fact, the underlying real problem, the growing deficit on the path to greece, the goal gets worse once we kick the can away. that will be the overriding probleming not the slowing economy not people spending money, but sure, that might not happen in the first two months, but it will eventually happen if we keep kicking down the can. we want to prove to the world that we have a solution and if it takes a few months to get there and higher taxes for a while, big...
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Dec 18, 2012
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good morning, everyone, 50 billion dollars flowing into greece. it will never be repaid. new figures show the country in a deep depression. 11 million people owe a half trillion dollars. back home, speaker boehner and president obama are a little closer to a deal and both have given some ground on taxes and spending. the markets like it. right now john boehner is trying to sell it to his party. across the country, record gun sales over the weekend. "varney & company" about to begin. i always wait until the last minute. can i still ship a gift in time r christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmas delivery. >> we have breaking news right now on the debate within the republican party about the fiscal cliff deal. rich edson has what, what is being discussed here, what is the latest, rich? >> a plan b on the fiscal cliff on taxes, stuart. this is coming from house speaker john boehner who is addressing republicans right now. we have a source in the room
good morning, everyone, 50 billion dollars flowing into greece. it will never be repaid. new figures show the country in a deep depression. 11 million people owe a half trillion dollars. back home, speaker boehner and president obama are a little closer to a deal and both have given some ground on taxes and spending. the markets like it. right now john boehner is trying to sell it to his party. across the country, record gun sales over the weekend. "varney & company" about to...
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Dec 27, 2012
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it will remind me of greece. greece is getting bailed out. and going on back and forth. will there be a deal by december 31st? i don't think so, but if a deal gets penned out by mid-january, we can look forward to focusing on earnings and get this fiscal cliff over with so we can see what's going on important in the world, and that's earnings. >> let me -- can i comment on that? >> yeah, sure. >> i want to comment on rick santelli's optimistic view that maybe there really is a deal in the offing. he has a point, you know. it's not over, you know, until it's over and these guys do sometimes come up with last-minute deals, but i want to be very clear. in order for that to happen john boehner basically has to agree that he's going to get a deal out of house with majority democrat votes, and i don't see why he does that before january 3rd. >> you're assuming the president has all the leverage, and i think the president would have a horrible legacy starting out with such turmoil, so i disagree. i think there's movement on the white house side on entitlements. >> rick, you do
it will remind me of greece. greece is getting bailed out. and going on back and forth. will there be a deal by december 31st? i don't think so, but if a deal gets penned out by mid-january, we can look forward to focusing on earnings and get this fiscal cliff over with so we can see what's going on important in the world, and that's earnings. >> let me -- can i comment on that? >> yeah, sure. >> i want to comment on rick santelli's optimistic view that maybe there really is a...
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Dec 9, 2012
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the terrible state of our economy, we're fiscally bankrupt, we didn't have the dollar, we might be greece, we have got to deal with our debt bomb, we have got to face the fiscal cliff that's coming in a couple of weeks. >> so you know what both sides are saying? the president is saying there's no way to make the math work. without raising the rates for the top income earners and that the republicans should give on this. >> yeah. >> do you think he's right? >> well, i understand that position, that was the position he took during the campaign. but what has to happen in my view, you've got to have everything on the table, you have to have revenue increases. now how you get those to revenue increases was an item of discussion during the campaign, and it's an item more negotiation, i for one think you can get there by eliminating and broadeninging the tax base which eliminating loopholes and deductions. the truth of the matter is that we're not undertaxed as americans, we overspend. i think everything would agree that we overspend that's why we have this debt to gdp of 100% as far as the eye
the terrible state of our economy, we're fiscally bankrupt, we didn't have the dollar, we might be greece, we have got to deal with our debt bomb, we have got to face the fiscal cliff that's coming in a couple of weeks. >> so you know what both sides are saying? the president is saying there's no way to make the math work. without raising the rates for the top income earners and that the republicans should give on this. >> yeah. >> do you think he's right? >> well, i...
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Dec 3, 2012
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it almost feels like they're talking about greece. people don't want to pay their taxes in greece and here you have all these people in america that are starting to complain about paying taxes on dividends. we're really just reverting to the levels we should be at a few years ago. we're out of vacation. let's go back to paying our taxes on our dividend peps. >> really strange, though. if a company is doing things like this, does it entice the shareholders to say, i'm getting my dif dennes and i'm not going to sell right after because i'm not getting any dividends next year? >> some of these companies are even borrowing in the debt market to pay these special dividends, which i think is a wrong thing to do. and i also kind of look at some of them and i wonder, why are they doing this? it seems like they're putting it shareholder first over their own company. shouldn't they put the money back into their own company, hire people, grow organically? >> if it's dividends you were going to pay out, anyway -- i don't know. i'm arguing both si
it almost feels like they're talking about greece. people don't want to pay their taxes in greece and here you have all these people in america that are starting to complain about paying taxes on dividends. we're really just reverting to the levels we should be at a few years ago. we're out of vacation. let's go back to paying our taxes on our dividend peps. >> really strange, though. if a company is doing things like this, does it entice the shareholders to say, i'm getting my dif dennes...
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Dec 10, 2012
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with the asian family culture is stronger than ours but look at greece, look at italy, southern europe. the united states where families are falling apart. there is day of wreckoning for democracies all over the world. >> how do we fix it? telling grandma no. >> there is no fixing it. there is no fixing it. this is just something we have to watch. trends are unstoppable. their entire cohort of young japanese men called herbivores. these men live on comic books, video games, and masturbation. all you can do is look out for yourself. i don't think there is an answer. >> we need productive babies. who can coach us at our old age. >> herbivores won't help with that. >> one thing about america is we can suck the rest of the world dry if we can continue to attract hardworking people around the country. they will still go over the cliff and we will still be around. >> i will go on other shows, other networks on msnbc, and i think sometimes it is just scary. scary to say the typical median household will extract hundreds of thousands of more in medical care and social security than they ever p
with the asian family culture is stronger than ours but look at greece, look at italy, southern europe. the united states where families are falling apart. there is day of wreckoning for democracies all over the world. >> how do we fix it? telling grandma no. >> there is no fixing it. there is no fixing it. this is just something we have to watch. trends are unstoppable. their entire cohort of young japanese men called herbivores. these men live on comic books, video games, and...
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Dec 6, 2012
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. >> we know greece is done with because they've already restructured their debt and what they did in the last two weeks, which the germans said they should do, they should have done three years ago they'd be better off. spain is the immediate problem, you have 26% unemployment which is non-performing loans. >> we have to go, 2,200 pages of health care, i'm sure the notes spain's taken how greece has got money at every turn, their pile is a bigger pile than the health care plan. >> i could listen to you guys talk all day long. that was a great conversation. yra, rick, thanks so much. see you in a bit. >>> zynga stock popping. julia boorstin is live in l.a. with more. >> good morning to you, carl. this is the first of many steps before zynga can make money from online gambling. applying for a real money gaming license in nevada is a sign of zynga's seriousness creating new revenue streams. it sent it up as much as 9% higher today. the company warns it will take as much as a year and a half to get approval in nevada but the biggest step of all is a change in federal law, and if online g
. >> we know greece is done with because they've already restructured their debt and what they did in the last two weeks, which the germans said they should do, they should have done three years ago they'd be better off. spain is the immediate problem, you have 26% unemployment which is non-performing loans. >> we have to go, 2,200 pages of health care, i'm sure the notes spain's taken how greece has got money at every turn, their pile is a bigger pile than the health care plan....
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Dec 3, 2012
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but we did move on greece. got a little bit of a boost preopen. and since then, frankly, the ism numbers have just been a real disappointment. and we are moving on that. here's the dow intraday. here's where we got the ism number. and you can see we have been drifting lower ever since then. and this really is a disappointment, this number. this is the first read we get on the overall economy every month here. and let me point out what's been going on here. the sectors have been risk off by enlarge so transports are notably week. materials and industrial. there is your risk off trade here today. i would point out, technology has been an upgrade over at goex and the overall technology sector, tough time in the hardware group doing better today. so there is an outlier in tech. as for the ism, what was going on here, really there was very little good news. take a look. the overall number, the headline number, lowest since july 2009. the employment component in this, lowest since september 2009. that's probably the second-most watched component of that
but we did move on greece. got a little bit of a boost preopen. and since then, frankly, the ism numbers have just been a real disappointment. and we are moving on that. here's the dow intraday. here's where we got the ism number. and you can see we have been drifting lower ever since then. and this really is a disappointment, this number. this is the first read we get on the overall economy every month here. and let me point out what's been going on here. the sectors have been risk off by...
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. >> they did it in greece. they raised the added-value tax four times. it's devastating consumer spending, and we're heading down the same road. david: larry mcdonald, new edge senior director. good to see you. thanks for coming in, appreciate it. sandy? >> ford recalling nearly 90,000 vehicles. did your car make the list? we've got the details coming up. >>> plus, the chances of falling off the fiscal cliff, it's not stopping one top money manager from buying. bob doll, he sells us where he's putting his money to work now. that's next. there is no mass-produced human. every humabeing is unique. and ther one store that recognizes it. the sleep number store. the only place in the world u'll find the extraordinarily comfortable sleep number experience. an exclusive collection of innovations that totally individualize your sleep. perfectly comfortable pillows that adjust to your size and shape. dual warmth comforters. all designed around the sleep number bed: a bed with dual-air technology that allows you adjust to the support your body needs. each of your
. >> they did it in greece. they raised the added-value tax four times. it's devastating consumer spending, and we're heading down the same road. david: larry mcdonald, new edge senior director. good to see you. thanks for coming in, appreciate it. sandy? >> ford recalling nearly 90,000 vehicles. did your car make the list? we've got the details coming up. >>> plus, the chances of falling off the fiscal cliff, it's not stopping one top money manager from buying. bob doll,...
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greece and spain. liz: jeff looks like he's about to damage you. go ahead, jeff. >> are well, you know, they're going to make a deal in washington. i lived inside the beltway, have a pretty good network inside the beltway. cantor is worried -- excuse me, not cantor, boehner is worried about not being reelected as speaker of the house. they can't vote on that until january 4th with the new congress on that. cantor wants that job. so i think boehner's going to press for a deal, i think he's going to go ahead and allow president obama to raise taxes to 39.6%, and i think that'll take the edge off the fiscal cliff. david: let's take this discussion out of the beltway and into the real world. the economy, and, jeff, i want to start with you because you're bullish, but if you're so bullish, hy are you downgrading housing right now? >> because our housing team made a really good call on the housing stocks, and they outran their valuations on a short to intermediate-term basis. they downgraded them about two months ago. liz: okay, so where's the money? sho
greece and spain. liz: jeff looks like he's about to damage you. go ahead, jeff. >> are well, you know, they're going to make a deal in washington. i lived inside the beltway, have a pretty good network inside the beltway. cantor is worried -- excuse me, not cantor, boehner is worried about not being reelected as speaker of the house. they can't vote on that until january 4th with the new congress on that. cantor wants that job. so i think boehner's going to press for a deal, i think he's...
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Dec 11, 2012
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will go bankrupt and swallow the national budget driving us into great deficit, sending us towards greece and european decline. we all know and both parties recognize a resolution to medicare liabilities has to be part of a solution. >> give me one idea you would be ready to sign onto today that would significantly reduce medicare spending. >> we've already passed such a solution in the house. last year we passed legislation that would reform medicare. the budget paul ryan, chairman of the budget committee put forward, passed it to the house, senate hasn't passed a bunl in 1,000 days. we weren't able to get them engaged on that topic. that proposal able to bend the cost curve in medicare, put us toward the budget and preserve medicare exactly the way it is for current retirees. that's the balance you have to strike. that legislation struck a balance of 55 and above keeping medicare exactly the way it is and making changes for those in their 20s and 30s and 40s. most people i talk to in those groups understand we've got to reform medicare to save it and balance the federal budget. >> congr
will go bankrupt and swallow the national budget driving us into great deficit, sending us towards greece and european decline. we all know and both parties recognize a resolution to medicare liabilities has to be part of a solution. >> give me one idea you would be ready to sign onto today that would significantly reduce medicare spending. >> we've already passed such a solution in the house. last year we passed legislation that would reform medicare. the budget paul ryan, chairman...
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Dec 22, 2012
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this is not greece. there are solutions. it's the politics that mess everything up. >> yeah. you're absolutely right. getting back to the issue of tax rates, it looked like we were getting closer. boehner offered to raise mate raitts for those making more than a million dollars a year, and the rate would only increase on the amount of money you earn over a million dollars a year. just raising those rates were a major concession for any republican. president obama, who insists on letting the bush tax cults expire for earns making more than $250,000, or at least that's how he presented it during the campaign, offered to let those taxes rise on those making more than $400,000 a year. we're talking marginal rates then so, that would be only on income above $400,000. by the way, mark, $370,000 a year is what puts you into the top 1% here. you're an economist. all those income levels, 250, 400, a million, flying around for raising rates, what in your opinion is the breakoff point at which raising rates would substantially hurt the economy? >> well, i mean, i think coming to a compr
this is not greece. there are solutions. it's the politics that mess everything up. >> yeah. you're absolutely right. getting back to the issue of tax rates, it looked like we were getting closer. boehner offered to raise mate raitts for those making more than a million dollars a year, and the rate would only increase on the amount of money you earn over a million dollars a year. just raising those rates were a major concession for any republican. president obama, who insists on letting...
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Dec 18, 2012
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. >> did you see the s&p upgraded greece today by six notches? i had to hit the machine to make sure that was the correct number there. >> well, you know, a lot of volatility in rate. >> bob pisani, what do you think today? a pretty good real under way? all about the fiscal cliff? >> well, the markets, is bullish because the markets are acting like 2013 will resolve a lot of problems so we've multi-month highs in the stock market. we have the safe haven, gold and bonds just getting hit badly again. i mean, bond yields are moving up. gold is moving down on a day when the dollar is -- is weak today, so the markets are sort of acting like things are actually going to resolve themself. even now, maria, you might notice, the headlines out this afternoon aren't bullish. markets believe a deal is coming quickly. >> so do you guys. you don't have any necessarily different guidance or expectation or reports than we do, and you both are very much in step that a deal gets done what. if it doesn't? >> i kind of think what's going on right now is a little dan
. >> did you see the s&p upgraded greece today by six notches? i had to hit the machine to make sure that was the correct number there. >> well, you know, a lot of volatility in rate. >> bob pisani, what do you think today? a pretty good real under way? all about the fiscal cliff? >> well, the markets, is bullish because the markets are acting like 2013 will resolve a lot of problems so we've multi-month highs in the stock market. we have the safe haven, gold and...
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Dec 3, 2012
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think the concern is the ism number weakened the market baltimore than the fiscal cliff propped up by greece. tech has not had a very good run recently. up today, dell got an upgrade at goldman. sharon talked about gold. it may be that gold has not done too bad this year but gold stocks are not outperforming. again today they are on the downside. this has been a year of buying gold, not so much buying gold stocks. really, you go back to 2004 when you could buy the gld for the first time, then you could suddenly have an alternative to owning gold stocks. before that, that was the only way you got the gold. >>> to the nasdaq now. seema mody is there folth big movers. >> we're flat on the day. one unusual mover, deckers outdoor is the maker of ugg boots. stern upgrading from buy to neutral citing new product offerings could help the company next year. the stock up 8%. apple also a bit higher by .6%. the company announced this morning thatle iphone phone will be available in south korea on december 7th with more than 50 additional countries being added in december including brazil, russia and ta
think the concern is the ism number weakened the market baltimore than the fiscal cliff propped up by greece. tech has not had a very good run recently. up today, dell got an upgrade at goldman. sharon talked about gold. it may be that gold has not done too bad this year but gold stocks are not outperforming. again today they are on the downside. this has been a year of buying gold, not so much buying gold stocks. really, you go back to 2004 when you could buy the gld for the first time, then...
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Dec 20, 2012
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. >> draco was a greek legislator, the first legislator of athens in ancient greece. and he replaced the prevailing system at the time of oral, law and blood feud by a written code of rules that could only be enforced by a court. the first court system. so the rules, because they were written, were hard to get around so they were draconian rules, which is where draconian -- draco. >> wasn't he in harry potter, too? >> he was also in harry potter. i don't know.was he? >> i think he was the bad kid growing up. >> and, anyway, with that out of the way and the world hurdling to an end tomorrow, still to come, if you want to know whether or not you should be optimistic about a fiscal cliff deal -- >> oh, draco malfoy. >> oh, yeah, the young bad kid? >> the blond kid. >> he was so good he was bad. check out the markets on any given day and we're going to do just that. tell what's happening with the fiscal cliff. [ penélope ] i found the best cafe in the world. nespresso. where i never have to compromise on anything. ♪ where just one touch creates the perfect coffee. wher
. >> draco was a greek legislator, the first legislator of athens in ancient greece. and he replaced the prevailing system at the time of oral, law and blood feud by a written code of rules that could only be enforced by a court. the first court system. so the rules, because they were written, were hard to get around so they were draconian rules, which is where draconian -- draco. >> wasn't he in harry potter, too? >> he was also in harry potter. i don't know.was he? >>...
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so the top performer is greece, up 24%, and we know how that economy is crashing. the bottom performer, or one of them is china. which even today is down 5% year-to-date, even though it is growing at the rate that it is. what does that mean for 2013? do you get a snapback, or are the central banks driven a big wedge between reality and stock market performance? >> i think that's a great question. you know, i think over the past few years, indeed, china's equities have been pretty week, especially in the asia market as you mentioned. i don't think that's necessarily because of a lot of cyclical disappointment. certainly that hasn't helped. but in reality, i think the earnings have not been so bad until this year, it was actually the valuation that kept seeing further and further compression. i think that's coming from people's concerns about the structural problems in china getting bigger. therefore, whatever level gdp growth was seeing today, or earnings growth, people think it's not sustainable going into the future. in 2013, we don't have any assurances that this
so the top performer is greece, up 24%, and we know how that economy is crashing. the bottom performer, or one of them is china. which even today is down 5% year-to-date, even though it is growing at the rate that it is. what does that mean for 2013? do you get a snapback, or are the central banks driven a big wedge between reality and stock market performance? >> i think that's a great question. you know, i think over the past few years, indeed, china's equities have been pretty week,...
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Dec 7, 2012
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one is greece, one is italy. the developments today are both good from an american investing perspective because they keep a lid on what's happening in those two respects. in greece there was trouble on the streets of athens last night as a result of left-wing protesters and students out and police using tear gas to disperse them as they protested the death of a teenager as a result of a police shooting four years ago, but the more important thing from a market perspective is that in 30 minutes' time now, the book will close on the greek debt buyback. now, remember what's happening here. the greek government is borrowing 10 billion euros from the rest of europe to buy back its own debt at a discount. if it does that successfully, by midday our time when that book closes, then more cash will flow through from the rest of europe, possibly next week it will be able to repay its bills and capitalize on the banks. let's check the close. >> the european markets are closing now. >> so we kind of went nowhere today. a lo
one is greece, one is italy. the developments today are both good from an american investing perspective because they keep a lid on what's happening in those two respects. in greece there was trouble on the streets of athens last night as a result of left-wing protesters and students out and police using tear gas to disperse them as they protested the death of a teenager as a result of a police shooting four years ago, but the more important thing from a market perspective is that in 30...
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the ghost of christmas yet to come is greece, and now we know that greece is 50% youth unemployment, 25% unemployment throughout the nation. you know, from press stories you see where some of the youth are now having to go to subsistance agriculture because they can't find any sustenance within the major urban areas. now i don't think america's going to become greece but i don't know. i don't want -- >> entitlements, even simpson-bowles lays out this proposal to raise the retirement age by a year. another 30 or 40 years down the road, and that's something that's -- in washington. it's something that none of us would be dealing with. >> i just want to know how we cut it in the next two years. i want it cut now. >> listen, i would be happy to roll -- let's just start out by rolling back the budget to where it was before barack obama took office. i mean we've had a 20% increase in federal spending, when now all of a sudden apparently gdp growth of 1.5% to 2% seems to be the new norm. again, that math doesn't work. it doesn't work. we can get rid of -- we can get rid of ballout funds. >>
the ghost of christmas yet to come is greece, and now we know that greece is 50% youth unemployment, 25% unemployment throughout the nation. you know, from press stories you see where some of the youth are now having to go to subsistance agriculture because they can't find any sustenance within the major urban areas. now i don't think america's going to become greece but i don't know. i don't want -- >> entitlements, even simpson-bowles lays out this proposal to raise the retirement age...
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Dec 18, 2012
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if we keep this up, by the time we get to 2020, we're going to be in the shape greece is in with 152% of our gdp being locked into debt. we cannot sustain this. you have to begin to make some systematic across the board and detailed reductions in this spending discretionary and on the entitlement and you have to deal with the trust funds and treat them as trust funds, not as pass-throughs to the general fund. >> congresswoman, thank you very much. i know it's a busy day. >> it is. thank you. >> congresswoman blackburn. >>> steve liesman is working on this since late last night. at the very least, steve, it's high theater, wouldn't you agree? >> high theater and complex math, carl. what we want to do is concentrate on what i market really cares about. how far apart are the sides? unfortunately, it is so complicated we can only do one piece at a time. so we're only in this presentation going to talk about revenue, not spending. and i have to say, these are the best available numbers? are they the actual numbers? we have only run them by each side and they have said that they are not far
if we keep this up, by the time we get to 2020, we're going to be in the shape greece is in with 152% of our gdp being locked into debt. we cannot sustain this. you have to begin to make some systematic across the board and detailed reductions in this spending discretionary and on the entitlement and you have to deal with the trust funds and treat them as trust funds, not as pass-throughs to the general fund. >> congresswoman, thank you very much. i know it's a busy day. >> it is....
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Dec 17, 2012
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much worse than even greece. then look at demographics, a little known program that haunts japan, they are having ever fewer babies. they don't want mass immigration to top a falling population and they are living a whole lot longer. so they have a lot of seniors and a tiny up and coming generation. japan has the most extreme demographics in recorded human history. what are they doing b a it? -- about it? not much you can do to persuade liberated japanese women to have more children with very traditional japanese men. that's a huge problem. demographics, like a super tanker, it takes a long time to turn it around. but japan has just elected a new government which promises to get the country out of its 20 year malaise. how is it going to do that? the new prime minister wants to print a ton of money and huge stimulus plan building yet more infrastructure. does that ring a bell? have we seen something like that here? it really can be useful, you know, to look over there. it might show us over here where we might be
much worse than even greece. then look at demographics, a little known program that haunts japan, they are having ever fewer babies. they don't want mass immigration to top a falling population and they are living a whole lot longer. so they have a lot of seniors and a tiny up and coming generation. japan has the most extreme demographics in recorded human history. what are they doing b a it? -- about it? not much you can do to persuade liberated japanese women to have more children with very...
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Dec 21, 2012
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>> we have repaired, if you will, greece, now. we don't have to worry about europe at least until the second half of the year. we have stability in china because of economic activity and that was a drag and then we have the doj promising tease and the federal reserve doing the same thing and all of a sudden it is not the world looking over the cliff, but we 3-quarters of the world looking the other way starting to come back and that is the difference. tracy: what happens? we are stealing from queue to. >> we always steal from one quarter to another. tracy: europe might come back to bother us again the second half of the year. could that mean an okay first half, second half disaster's again? >> we never have smooth sailing at anything. sell in may and go away. which works sometimes and doesn't work. what we feel good about is investors are forced with a problem that dividend taxes are going to go up. to me that is a good problem because it is going to take investors out of the safety of the blue chips and staples and utilities and
>> we have repaired, if you will, greece, now. we don't have to worry about europe at least until the second half of the year. we have stability in china because of economic activity and that was a drag and then we have the doj promising tease and the federal reserve doing the same thing and all of a sudden it is not the world looking over the cliff, but we 3-quarters of the world looking the other way starting to come back and that is the difference. tracy: what happens? we are stealing...
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Dec 10, 2012
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any more money or any american congress borrow any more money until we fix this country from becoming greece, and that requires significant entitlement reform. >> reporter: for the record, senator graham is not one of those who favors increasing tax rates on the wealthy. he favors more revenue from them by capping deductions. cheryl and dennis. dennis: thanks very much, peter barnes. and our next guest says many republicans in private are conceding they may have to give president obama much of what he wants. we are joined by potomac research group political strategist, greg vallier. so do you think president obama will win a twofer; higher tax rates on the rich and deduction caps to get the rich to pay more as well? >> maybe. it's moving in that direction. i think peter barnes in the previous piece got it exactly right. i think the republicans in private, dennis, are beginning to say let's cut a deal on this, we'll come back and fight again when we really do have leverage. that's on the debt ceiling fight in february. dennis: how can voters have any faith that if they do tax hikes now and wa
any more money or any american congress borrow any more money until we fix this country from becoming greece, and that requires significant entitlement reform. >> reporter: for the record, senator graham is not one of those who favors increasing tax rates on the wealthy. he favors more revenue from them by capping deductions. cheryl and dennis. dennis: thanks very much, peter barnes. and our next guest says many republicans in private are conceding they may have to give president obama...
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Dec 12, 2012
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i've got seven early movers for you, high profits, but less money coming in in the packaging company, greece it's called. what's with the stock? it's up about 4%. the rare earth mining company molycorp ousted its chief executive officer. it's down a little. profits disappointing seismic equipment maker geospace, down and dupont buying back a billion dollars worth of its stock and it's up just a little. health insurer aetna expects higher profits next year, it's up. and microsoft has wrapped up production of its new surface tablet and it, too, moving higher in the early going, i own some microsoft stock. netflix says it needs many more subscribers to be profitable. nonetheless it's up. dow industrials are up 37. and news from berkshire hathaway coming in and it's-- okay, they've bought back 9200 of their class a shares from the estate of one of their shareholders. so they bought back 9200 shares there, the class a stock. that was the news, part of the news on which the halting of berkshire hathaway was based. okay? when they start trading again, nell pretty soon, we'll get a quote for you on
i've got seven early movers for you, high profits, but less money coming in in the packaging company, greece it's called. what's with the stock? it's up about 4%. the rare earth mining company molycorp ousted its chief executive officer. it's down a little. profits disappointing seismic equipment maker geospace, down and dupont buying back a billion dollars worth of its stock and it's up just a little. health insurer aetna expects higher profits next year, it's up. and microsoft has wrapped up...
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Dec 19, 2012
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again, here are some of the names to mention whether it's the national bank of greece. we saw these up in the range of better than 8% earlier. now in the range of 5% to 8%. again, if you look at the levels, you see we're snapping up from low valuations generally speaking. it doesn't take a lot at 63 cents to get an 8% move. >>> quick look over here if you want to take a shot of the wall behind me. it is green for the most part. and greece's borse is one adding 2% today. we're seeing that reflected across the bond space. portugal for example seeing ten-year yields falling. same for spain and italy. the boreses and footy 100, the xetra dax, this has been the outperformer up in the range of 30%. another .3% after the ifo out of germany. came in better than expected. again, a good sign for growth. not necessarily, though, for those who would like to see a weaker europe. the ibex 35 adding 1.3%. and the nikkei, as you mentioned, up above 10,000 for the first time in eight months. adding 2.4%. better hope the moves in the japanese government or bank of japan pan out. we'll ge
again, here are some of the names to mention whether it's the national bank of greece. we saw these up in the range of better than 8% earlier. now in the range of 5% to 8%. again, if you look at the levels, you see we're snapping up from low valuations generally speaking. it doesn't take a lot at 63 cents to get an 8% move. >>> quick look over here if you want to take a shot of the wall behind me. it is green for the most part. and greece's borse is one adding 2% today. we're seeing...
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Dec 5, 2012
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greece fell. how did the u.s. do? not so great. 19th place out of 176 countries scoring just 74 points out of 100. canada, germany, hong kong did better. it looks like improvement over last year's 24th place finish, it has changed methodology this year so year to year comparisons don't work. fighting corruption has not been a top priority in this country although the financial crisis is focused more attention on the issue that accounts for improvement. a couple of oil rich countries that we profiled earlier this year are among the most corrupt in the world. ranks 139th out of 176 countries and the tiny west african nation whose forestry manager finishes 163rd. you can find out more about them in an encore showing of our documentary filthy rich tomorrow night at 8:00 p.m. eastern on cnbc and more about this year's rankings of corrupt countries at cnbc.com. >> interesting, scott. especially when you look at some of these companies that are now embroiled with foreign practices act. if you were going to do business around
greece fell. how did the u.s. do? not so great. 19th place out of 176 countries scoring just 74 points out of 100. canada, germany, hong kong did better. it looks like improvement over last year's 24th place finish, it has changed methodology this year so year to year comparisons don't work. fighting corruption has not been a top priority in this country although the financial crisis is focused more attention on the issue that accounts for improvement. a couple of oil rich countries that we...
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Dec 14, 2012
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i mean, the real debt ratio, if you count it like ge or ibm and greece, is 450%. it's about 260% for italy and it's about 230% for spain and all of these things that aren't counted are going to come to roost over a period of time. so i think we're in a lull right now. i think mostly because of draghi and his comments that we're going to give money forever and save the world that i think as we head into the new year that's going to come to a conclusion. >> last question, we're running short of time. if you had an extra thousand dollars to invest right now, in something simple, in any country in the globe, where would you put it and what would it be? would it be fixed income, equities? >> fixed income, as long as you can go. investment grade. there is going to be tremendous compression. and i think that's the place to be. >> i'm in agreement with you. carl, melissa, back to you. >> thanks a lot, rick. let's get over to bertha coombs for a market flash this time on u.s. steel. >> u.s. steel materials today the best performer, the best performer this week and u.s. ste
i mean, the real debt ratio, if you count it like ge or ibm and greece, is 450%. it's about 260% for italy and it's about 230% for spain and all of these things that aren't counted are going to come to roost over a period of time. so i think we're in a lull right now. i think mostly because of draghi and his comments that we're going to give money forever and save the world that i think as we head into the new year that's going to come to a conclusion. >> last question, we're running...
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the current top tax rate in greece is 45% for those earning more than 100,000 euros. finally, business sentiment in europe is slumping in part due to economic uncertainty ahead of this weekend's election. the bank of japan sentiment index dropping to minus 12 from minus 3 in the prior quarter. that was a bigger drop than economists were expecting. mr. kernen? >> all right. getting all these things. so you like he's like bloomberg? no 16 ounce -- >> guy runs -- >> you know. >> no 16 ounce anything over that in sugared drinks. comments, questions about anything you see here on "squawk," e-mail us at squawk @c in.com. you can also follow us on twitter @squawkcnbc. still to come this morning, john mcafee. in the flesh. well he won't be here but on camera. in his first interview since arriving back in the states. an interview you've got to see. plus. have you seen these? want to know how to use them? one of the new ways retailers are hoping to win over consumers. we're going to explain qr codes. the bar code guy died yesterday. can i help you? i heard you guys can ship gro
the current top tax rate in greece is 45% for those earning more than 100,000 euros. finally, business sentiment in europe is slumping in part due to economic uncertainty ahead of this weekend's election. the bank of japan sentiment index dropping to minus 12 from minus 3 in the prior quarter. that was a bigger drop than economists were expecting. mr. kernen? >> all right. getting all these things. so you like he's like bloomberg? no 16 ounce -- >> guy runs -- >> you know....
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we can have it all forever, like greece. >> we're not greece. and that's the whole point. neither is britain which is pretending its greece, and look where it's getting them. britain's not growing at all. >> would you do some stimulus? >> i probably would, yeah. >> what kind? >> there's a ton of infrastructure that needs to be done in this country. >> then do it. and borrow money -- >> it's free. we can borrow money for free for 30 years in real terms. the market is not telling the u.s. to tighten fiscal policy. it's telling the u.s. to borrow some money. >> can you make sure we only do things -- we're not going to fill high speed rail lines between cities no one wants to travel to? >> if you spend a billion dollars i can't guarantee that every last cent of it is going to be spent properly. >> how moan solyndras will be in that balance? >> only two. >> you have to deal with the issues that krugman never deals with. i love the explanation we should spend spend spend. what happens when interest rates rise? two is you're talking about trillion dollar deficits as far as the ey
we can have it all forever, like greece. >> we're not greece. and that's the whole point. neither is britain which is pretending its greece, and look where it's getting them. britain's not growing at all. >> would you do some stimulus? >> i probably would, yeah. >> what kind? >> there's a ton of infrastructure that needs to be done in this country. >> then do it. and borrow money -- >> it's free. we can borrow money for free for 30 years in real terms....
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Dec 18, 2012
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>> you don't want to think we have to remember about greece they are not a monolithing society. for some people that would be totally impossible to utter a word or a sound. for other people it's cathartic to open up and express their love and devotion and to have the final words over someone they love. i try very much as a pastor not to among their relationships and emotions and how they use to commemorate the person they leaply will have. >> as a reporter i like to get as many information as you can. i want to know every detail about everything and that's a way of processing it, managing it. people must ask you questions you cannot answer. and they say where was god when this happened? >> it's precisely as you is asaid i've tried to avoid answers goesable temporary. there are some things that are handeds now life that we do not know or understand. these areas, ambiguous areas where we don't have a deficit answer it's better not to give any answer at all than to give one inappropriate. that's why we have faith for those things we cannot explain and point to directly, we have to
>> you don't want to think we have to remember about greece they are not a monolithing society. for some people that would be totally impossible to utter a word or a sound. for other people it's cathartic to open up and express their love and devotion and to have the final words over someone they love. i try very much as a pastor not to among their relationships and emotions and how they use to commemorate the person they leaply will have. >> as a reporter i like to get as many...
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. >> are we greece? >> our politics are becoming as dysfunctional as greece. i mean, we're not greece, but if you look at what businessmen say about why they're not investing in the u.s., they will often give dysfunctional politics in washington as the top answer. it's not even tax rates that people are concerned about. it's just getting a deal, getting people aligned. >> we're going to roll some tape, but i just wanted to ask you quickly, last week your sort of advice to republicans was don't cave, compromise. >> right. >> so this week, given what we've seen so far, we see these one-on-one negotiations taking place, what do you think the best strategy on the part of the republicans is? >> don't cave. compromise. you're not going to get 35%. you're just not going to. you're not going to. the economy will go up in flames. you're just not going to get 35%. the president needs to understand he's not going to get 39.6%. if i were sitting in the house and the president asked me to go four, five percentage points up on tax rates right now, i wouldn't do it. i just w
. >> are we greece? >> our politics are becoming as dysfunctional as greece. i mean, we're not greece, but if you look at what businessmen say about why they're not investing in the u.s., they will often give dysfunctional politics in washington as the top answer. it's not even tax rates that people are concerned about. it's just getting a deal, getting people aligned. >> we're going to roll some tape, but i just wanted to ask you quickly, last week your sort of advice to...
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Dec 13, 2012
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this morning, they agreed finally on the disbursement of aid to greece. some says it removed uncertainty. other investors, not so sure. i wanted to show you the italian curve, italy and spanl wrapping up their fund-raising for the year. their auctions weren't all of that huge, but we are seeing yields fall, prices rise across the board as investors did show up. if we flip over to spain in particular, we can take a look at the three-year over here. a bid to cover ratio of 4.8%. one indication certainly of the kind of indications there are where the ecb is expected to be the most active if and when these countries have to access their bailout programs. now we're seeing prices in spain sell off a little bit. the ten-year, just under 5.4% is the level there. for the longer dated papers, investors are a little bit more wary. now, that news coming out of the euro group meeting, i wanted to show you the euro/dollar as we wrap up today's global market support. it's still down .1%, 1.3056. that would tell you that the resolution is largely priced in. now as focus
this morning, they agreed finally on the disbursement of aid to greece. some says it removed uncertainty. other investors, not so sure. i wanted to show you the italian curve, italy and spanl wrapping up their fund-raising for the year. their auctions weren't all of that huge, but we are seeing yields fall, prices rise across the board as investors did show up. if we flip over to spain in particular, we can take a look at the three-year over here. a bid to cover ratio of 4.8%. one indication...
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Dec 7, 2012
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she was less bullish on the idea that greece or spain or anybody else in trouble might effect the u.s. economy. she said, you know, the problem with the u.s. is internal, and it becomes a world problem. >> what do you think about the supreme court, they're now going to consider california's proposition 8, consider same sex marriage in the united states. >> i think it raises obviously to the highest court in the land a question that has bounced around the states with different verdicts. you have had a lot of states had constitutional amendments banning same sex marriage, california said yes, then has said no. you had for the first time the past election a couple states pass it in a statewide referendum, when previously when it was on the ballot it had gone down. this is a question that has had different answers in some states, and some states different answers different times within the same state. the supreme court providing a road map is helpful, if you want a 50 state solution. the question is is that what the constitution calls for. >> and will they provide it. >> the president per
she was less bullish on the idea that greece or spain or anybody else in trouble might effect the u.s. economy. she said, you know, the problem with the u.s. is internal, and it becomes a world problem. >> what do you think about the supreme court, they're now going to consider california's proposition 8, consider same sex marriage in the united states. >> i think it raises obviously to the highest court in the land a question that has bounced around the states with different...
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bank participation is considered crucial for greece's efforts to resolve the financial problem. >>> and the european union has fined tv and computer monitor makers about $2 billion saying those companies fixed monitor tube prices for a decade which ended in 2006 talking about companies like philips, lg, and panasonic among the companies fined. philips, which was assessed the biggest chunk of the penalty says it will appeal the ruling. >>> and mortgage applications rose 4.5% last week according to new figures from the mortgage bankers association. most of the increase was accounted for by a rise in refinancing activity. >>> all right. the dollar hitting a six-week low on uncertainty about whether a budget deal would be reached. meantime, oil continues to trade below $90 a barrel. joining us this morning, chief market strategist at worldwide markets. also kevin book who is managing director at clear view energy partners. and joe, let's start off talking about the dollar. i can't make heads or tails of why the dollar is under so much pressure. i know things are bad here, we're worried abou
bank participation is considered crucial for greece's efforts to resolve the financial problem. >>> and the european union has fined tv and computer monitor makers about $2 billion saying those companies fixed monitor tube prices for a decade which ended in 2006 talking about companies like philips, lg, and panasonic among the companies fined. philips, which was assessed the biggest chunk of the penalty says it will appeal the ruling. >>> and mortgage applications rose 4.5%...
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the eu finance ministers' plan to give money to greece, will the rally continue? todd gordon is with us aspen trading you. morning to you, todd. >> hey, simon. >> we have failed twice to get through 1.31 on the euro. where do we go from here? >> the fourth time we tried? the euro support and european finance ministers rather busy, appoint the ecb to head up a eu banking regulation which unfortunately you won't take effect until march 2014. the meantime we need to rely on esm for support. the other side, german finance minister wrote off the lower bank, congress that they approve a greek aid bailout. looks to be euro fairly support. >> interesting you argue that. in is the point here that the fed is accelerating on debasing you the dollars, that is why the euro rises? >> really interesting. that was the trade yesterday. the take away from the fed's statement. we reached a new high in qe 4, 85 billion a month, purchased and treasuries and mds that put the dollar to heel. overnight, reaction to the fed, overnight you can the dollar stayed very offered and i think des
the eu finance ministers' plan to give money to greece, will the rally continue? todd gordon is with us aspen trading you. morning to you, todd. >> hey, simon. >> we have failed twice to get through 1.31 on the euro. where do we go from here? >> the fourth time we tried? the euro support and european finance ministers rather busy, appoint the ecb to head up a eu banking regulation which unfortunately you won't take effect until march 2014. the meantime we need to rely on esm...